NSE:KFINTECH Research Reports - SOIC x StockScans

KFin Technologies is the invisible plumbing of India’s capital markets - a technology-first infrastructure company that manages the investment lifecycle for asset managers and corporate issuers, from onboarding and record-keeping to fund accounting and data analytics. Born in 1985 as a domestic registrar and transfer agent, it transformed after a 2018 management buy-in backed by private equity firm General Atlantic into a platform business that now serves nearly 1,000 global asset managers across 18 countries. The recurring approach is to embed itself as mission-critical middleware - once a fund or a company plugs into KFin’s systems, switching is operationally painful - and then to cross-sell value-added software on top of that sticky core.

Business segments

Five engines at different stages - a domestic mutual-fund anchor that prints cash, two international and issuer businesses built on the same registry DNA, and a collection of younger platforms in alternatives, pensions and KYC that are scaling inside the installed base.

1. Domestic Mutual Fund Investor Solutions: the anchor that pays for everything else

KFin is the largest registrar to Indian mutual funds, running the back-office machinery for 31 of 59 asset management companies - a duopoly position where revenue rises with the industry’s assets and transaction volumes.

Paid on assets and transactions - revenue is linked to the assets under administration (AAUM) and the number of purchases, redemptions and switches processed, with a smaller slice coming from add-on software; the company handles an average of 2.5 million transactions a day across 195 million investor folios.
The switching cost is the moat - client retention is 100% and the average relationship lasts more than a decade, because migrating millions of investor records, distributor linkages and regulatory filings to a rival is a multi-year project with no upside for the fund house.
Scale feeds the platform - digital penetration exceeds 75% of transactions, and the company is rebuilding its core mutual-fund platform into an API-first, event-driven architecture under the FinEx programme, which lets it absorb volume growth without adding headcount at the same pace.
Yield pressure is structural but manageable - a shift in the asset mix toward low-fee passive and commodity ETFs has compressed the revenue yield, and a one-time pricing discount given in April 2025 created a base effect that normalises after March 2026.
Distributors are locked in too - the IRIS super-app and tools like INSTABrokerage and Distributor Empanelment make KFin the operating system for the intermediaries who sell mutual funds, which reinforces the relationship with the asset managers who depend on those distributors.

2. International & Global Fund Services: the same playbook, exported

KFin provides fund accounting and transfer agency to roughly 499 fund managers across 18-20 countries, earning higher fees than in India on assets that require a fraction of the transaction processing.

Higher yield, lower effort - the international business earns about 5.2 basis points on assets versus 3.7-3.8 basis points in India, while processing roughly a tenth of the transactions for the same asset base, because global funds trade less frequently than Indian retail portfolios.
Bought, not just built - the October 2025 acquisition of a 51% stake in Singapore-based Ascent Fund Services added over 640 alternative-investment funds and US$26 billion in assets under administration, instantly making KFin a credible full-suite fund administrator across hedge funds, private equity and digital assets.
The Aladdin connection - joining BlackRock’s Aladdin Provider Network in December 2024 gives KFin a distribution channel into the world’s largest asset managers, who value streamlined connectivity to their portfolio systems.
Geography is a hedge - assets are spread across Singapore, Saudi Arabia, Malaysia, Hong Kong and the Cayman Islands, so funds that redomicile from one jurisdiction to another often stay on KFin’s platform rather than switching providers.
Full-stack beats piecemeal - most competitors offer either fund accounting or transfer agency, not both plus the digital onboarding and compliance layer; KFin can deliver the whole bundle at 5-6 basis points against an industry norm of 8-18 basis points.

3. Issuer Solutions: the corporate registry franchise

KFin is India’s largest registrar for listed and unlisted companies, managing the shareholder records of 10,603 corporate clients - a business where three-quarters of revenue is annuity-like, tied to the number of investor folios on file.

Annuity with event upside - roughly 75% of revenue comes from steady folio-based fees, 15% from corporate actions like dividends and buybacks, and 10% from one-off events such as AGMs and e-voting; contracts do not have telescopic pricing, so fees do not shrink as the relationship ages.
IPO processing is a recurring franchise - KFin handled 44 main-board IPOs in FY26, capturing a 42% share by issue size, because companies that use it for their listing typically stay for ongoing registry services.
Winning clients from the other guy - notable migrations include Punjab National Bank, BPCL, BLS International and Chambal Fertilisers, which moved their large retail folio bases from the competitor, proving that even in a duopoly, share can shift.
AI as a differentiator - the launch of AEGIX, an AI-native investor-relations platform for listed companies, gives corporate clients a reason to stick with KFin beyond basic record-keeping, offering insights into shareholding patterns and peer benchmarking.

4. Alternative Investment Funds, Wealth & Portfolio Management: the full-stack bet on private markets

KFin is India’s largest platform for alternative investment funds, administering 741 funds with a 38% market share, while selling its mPower fund-accounting software to pension funds and insurers that are not even RTA clients.

Full-stack where it counts - a meaningful portion of AIF clients use both transfer agency and fund accounting, which means KFin captures more of the value chain than in mutual funds, where fund accounting is often handled in-house by the asset manager.
Software sold standalone - the mPower fund-accounting platform serves 53 clients in India, including five asset managers where KFin is not the registrar, proving the technology can win on its own merits.
Wealth management is the next layer - mPowerWealth, launched in September 2024, is an omnichannel platform for private wealth managers that bundles advisor workstations, investor portals and compliance tools, extending KFin’s reach from back-office to front-office.
Scale turns custom into standard - no two AIF clients are identical, but with 741 funds on the platform, KFin can drive efficiencies at the process level rather than custom-building for each client, which improves margins over time.

5. National Pension System Services: the option on a state-mandated savings pool

KFin is the second-largest central recordkeeping agency for India’s national pension system, growing its subscriber base nearly three times faster than the industry and now holding a perpetual licence.

The revenue model just flipped - pricing has shifted from a fixed per-brand fee to a basis-point model linked to the pension corpus, so revenue now grows automatically as the AUM compounds, much like the mutual-fund business.
Perpetual licence removes regulatory risk - the Pension Fund Regulatory and Development Authority granted a perpetual Certificate of Registration effective April 2026, meaning KFin no longer faces renewal uncertainty in a business that took years to reach profitability.
Platform leverage from mPower - the same mPower fund-accounting engine that serves mutual funds and AIFs also covers nearly 70% of pension-fund assets under management in India, so development costs are shared across segments.

Technology Platforms & Value-Added Solutions

KFin’s product catalogue - 36 platforms spanning fund accounting, wealth management, compliance and investor analytics - is the cross-sell engine that lifts revenue per client and is on a trajectory to reach 12-15% of total revenue.

SaaS on top of the registry - platforms like mPower (fund accounting), XAlt (alternative funds), mPowerWealth (wealth management) and Guardian (insider-trading monitoring) are sold to clients who may or may not use KFin’s core RTA services, creating a second revenue stream from the same customer base.
Guardian has no real competitor - the insider-trading surveillance tool, adopted by several Big Four accounting firms, uses account-aggregation technology to monitor trading activity, and management describes it as the only solution of its kind globally.
AI is already in production - a model-agnostic AI orchestration layer lets 200-plus engineers deploy multiple AI models across document processing, cutting turnaround from days to hours, while the AEGIX platform uses an AI copilot to answer investor-relations queries.
Infrastructure that matches the ambition - the company runs a Tier IV data centre with 5.1 petabytes of storage, 99.95% platform uptime and a BitSight security score of 810, which matters when you are asking a global bank to outsource its fund accounting to you.

Group structure and partners

KFin is a publicly listed platform controlled by General Atlantic, with a subsidiary network that maps directly onto its geographic and regulatory expansion strategy.

Promoter backing with a long lens - General Atlantic Singapore Fund holds 22.9% and has been the controlling shareholder since the 2018 transformation; the rest of the register is institutional, with mutual funds at 26.3% and domestic financial institutions at 22.9%.
The Ascent path to full ownership - the residual 49% of Ascent Fund Services will be acquired in three equal tranches after fiscal years ending July 2028, 2029 and 2030, with the price tied to EBITDA milestones, aligning the founders through the integration period.
MF Central is a joint venture with the only competitor - KFin and CAMS each own 50% of the company that runs the MF Central platform, a shared utility for the mutual-fund industry that has over 2.5 million users and provides consolidated account statements across all asset managers.
GIFT City is the regulatory gateway - KFin became the first registrar licensed at IFSC GIFT City in September 2025 and has since won its first issuer-solutions mandate there, while a new subsidiary received a TechFin registration from IFSCA in February 2026 to house the international platform business.
Acquisitions that compound - the 2016 purchase of a German bank’s captive RTA unit provided the beachhead for international fund services; the 2023 acquisition of WebileApps added AI and mobile-engineering talent that now feeds the Centre of AI & Delivery Excellence in Vijayawada, projected to create over 1,000 engineering jobs.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	209	219	228	238	280	290	283	274	309	371	347	357
Growth YoY Revenue Growth YoY%	16.0	16.3	24.7	30.9	34.2	32.6	23.8	15.4	10.3	27.9	22.9	30.1
Expenses ExpensesCr	115	121	124	138	154	159	160	160	174	219	219	235
Operating Profit Operating ProfitCr	94	98	105	100	127	131	122	114	136	152	128	122
OPM OPM%	44.8	44.8	45.8	42.0	45.1	45.0	43.2	41.5	43.9	40.9	37.0	34.2
Other Income Other IncomeCr	6	6	6	8	11	9	10	10	11	-2	11	10
Interest Expense Interest ExpenseCr	3	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	13	13	15	15	17	16	17	18	18	23	27	27
PBT PBTCr	84	89	94	92	119	122	114	105	127	125	111	103
Tax TaxCr	22	23	20	24	30	32	29	28	34	33	30	28
PAT PATCr	61	67	74	68	89	90	85	77	93	92	81	75
Growth YoY PAT Growth YoY%	28.1	25.2	30.6	56.9	45.5	34.9	14.2	13.5	4.5	2.0	-4.6	-2.6
NPM NPM%	29.4	30.6	32.6	28.6	31.9	31.1	30.1	28.2	30.2	24.8	23.4	21.1
EPS EPS₹	3.6	3.9	4.4	4.0	5.2	5.3	5.0	4.5	5.4	5.3	4.7	4.4

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

209

219

228

238

280

290

283

274

309

371

347

357

Growth YoY

Revenue Growth YoY%

16.0

16.3

24.7

30.9

34.2

32.6

23.8

15.4

10.3

27.9

22.9

30.1

Expenses

ExpensesCr

115

121

124

138

154

159

160

174

219

235

Operating Profit

Operating ProfitCr

105

100

127

131

122

114

136

152

128

122

OPM

OPM%

44.8

45.8

42.0

45.1

45.0

43.2

41.5

43.9

40.9

37.0

34.2

Other Income

Other IncomeCr

-2

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

119

122

114

105

127

125

111

103

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

28.1

25.2

30.6

56.9

45.5

34.9

14.2

13.5

4.5

2.0

-4.6

-2.6

NPM

NPM%

29.4

30.6

32.6

28.6

31.9

31.1

30.1

28.2

30.2

24.8

23.4

21.1

EPS

EPS₹

3.6

3.9

4.4

4.0

5.2

5.3

5.0

4.5

5.4

5.3

4.7

4.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	209	219	228	238	280	290	283	274	309	371	347	357
Growth YoY Revenue Growth YoY%	16.0	16.3	24.7	30.9	34.2	32.6	23.8	15.4	10.3	27.9	22.9	30.1
Expenses ExpensesCr	115	121	124	138	154	159	160	160	174	219	219	235
Operating Profit Operating ProfitCr	94	98	105	100	127	131	122	114	136	152	128	122
OPM OPM%	44.8	44.8	45.8	42.0	45.1	45.0	43.2	41.5	43.9	40.9	37.0	34.2
Other Income Other IncomeCr	6	6	6	8	11	9	10	10	11	-2	11	10
Interest Expense Interest ExpenseCr	3	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	13	13	15	15	17	16	17	18	18	23	27	27
PBT PBTCr	84	89	94	92	119	122	114	105	127	125	111	103
Tax TaxCr	22	23	20	24	30	32	29	28	34	33	30	28
PAT PATCr	61	67	74	68	89	90	85	77	93	92	81	75
Growth YoY PAT Growth YoY%	28.1	25.2	30.6	56.9	45.5	34.9	14.2	13.5	4.5	2.0	-4.6	-2.6
NPM NPM%	29.4	30.6	32.6	28.6	31.9	31.1	30.1	28.2	30.2	24.8	23.4	21.1
EPS EPS₹	3.6	3.9	4.4	4.0	5.2	5.3	5.0	4.5	5.4	5.3	4.7	4.4

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

209

219

228

238

280

290

283

274

309

371

347

357

Growth YoY

Revenue Growth YoY%

16.0

16.3

24.7

30.9

34.2

32.6

23.8

15.4

10.3

27.9

22.9

30.1

Expenses

ExpensesCr

115

121

124

138

154

159

160

174

219

235

Operating Profit

Operating ProfitCr

105

100

127

131

122

114

136

152

128

122

OPM

OPM%

44.8

45.8

42.0

45.1

45.0

43.2

41.5

43.9

40.9

37.0

34.2

Other Income

Other IncomeCr

-2

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

119

122

114

105

127

125

111

103

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

28.1

25.2

30.6

56.9

45.5

34.9

14.2

13.5

4.5

2.0

-4.6

-2.6

NPM

NPM%

29.4

30.6

32.6

28.6

31.9

31.1

30.1

28.2

30.2

24.8

23.4

21.1

EPS

EPS₹

3.6

3.9

4.4

4.0

5.2

5.3

5.0

4.5

5.4

5.3

4.7

4.4

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	162	450	481	640	720	838	1,091	1,301	1,384
Growth Revenue Growth%		177.0	7.0	32.9	12.6	16.3	30.2	19.3	22.8
Expenses ExpensesCr	97	291	269	352	422	471	612	772	846
Operating Profit Operating ProfitCr	66	159	212	288	298	367	479	530	538
OPM OPM%	40.4	35.3	44.1	45.0	41.4	43.8	43.9	40.7	38.9
Other Income Other IncomeCr	2	5	5	6	17	22	38	29	29
Interest Expense Interest ExpenseCr	20	53	52	53	11	8	5	5	5
Depreciation DepreciationCr	34	92	98	37	47	53	64	86	96
PBT PBTCr	14	19	68	204	258	327	448	468	466
Tax TaxCr	5	14	132	55	62	81	115	124	125
PAT PATCr	9	5	-65	149	196	246	333	344	342
Growth PAT Growth%		-49.5	-1,526.2	330.3	31.8	25.7	35.2	3.3	0.0
NPM NPM%	5.5	1.0	-13.4	23.2	27.2	29.4	30.5	26.4	24.7
EPS EPS₹	1.5	0.3	-4.3	9.4	11.7	14.5	19.4	19.9	19.8

Financial Year

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

162

450

481

640

720

838

1,091

1,301

1,384

Growth

Revenue Growth%

177.0

7.0

32.9

12.6

16.3

30.2

19.3

22.8

Expenses

ExpensesCr

291

269

352

422

471

612

772

846

Operating Profit

Operating ProfitCr

159

212

288

298

367

479

530

538

OPM

OPM%

40.4

35.3

44.1

45.0

41.4

43.8

43.9

40.7

38.9

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

204

258

327

448

468

466

Tax

TaxCr

132

115

124

125

PAT

PATCr

-65

149

196

246

333

344

342

Growth

PAT Growth%

-49.5

-1,526.2

330.3

31.8

25.7

35.2

3.3

0.0

NPM

NPM%

5.5

1.0

-13.4

23.2

27.2

29.4

30.5

26.4

24.7

EPS

EPS₹

1.5

0.3

-4.3

9.4

11.7

14.5

19.4

19.9

19.8

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	162	450	481	640	720	838	1,091	1,301	1,384
Growth Revenue Growth%		177.0	7.0	32.9	12.6	16.3	30.2	19.3	22.8
Expenses ExpensesCr	97	291	269	352	422	471	612	772	846
Operating Profit Operating ProfitCr	66	159	212	288	298	367	479	530	538
OPM OPM%	40.4	35.3	44.1	45.0	41.4	43.8	43.9	40.7	38.9
Other Income Other IncomeCr	2	5	5	6	17	22	38	29	29
Interest Expense Interest ExpenseCr	20	53	52	53	11	8	5	5	5
Depreciation DepreciationCr	34	92	98	37	47	53	64	86	96
PBT PBTCr	14	19	68	204	258	327	448	468	466
Tax TaxCr	5	14	132	55	62	81	115	124	125
PAT PATCr	9	5	-65	149	196	246	333	344	342
Growth PAT Growth%		-49.5	-1,526.2	330.3	31.8	25.7	35.2	3.3	0.0
NPM NPM%	5.5	1.0	-13.4	23.2	27.2	29.4	30.5	26.4	24.7
EPS EPS₹	1.5	0.3	-4.3	9.4	11.7	14.5	19.4	19.9	19.8

Financial Year

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

162

450

481

640

720

838

1,091

1,301

1,384

Growth

Revenue Growth%

177.0

7.0

32.9

12.6

16.3

30.2

19.3

22.8

Expenses

ExpensesCr

291

269

352

422

471

612

772

846

Operating Profit

Operating ProfitCr

159

212

288

298

367

479

530

538

OPM

OPM%

40.4

35.3

44.1

45.0

41.4

43.8

43.9

40.7

38.9

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

204

258

327

448

468

466

Tax

TaxCr

132

115

124

125

PAT

PATCr

-65

149

196

246

333

344

342

Growth

PAT Growth%

-49.5

-1,526.2

330.3

31.8

25.7

35.2

3.3

0.0

NPM

NPM%

5.5

1.0

-13.4

23.2

27.2

29.4

30.5

26.4

24.7

EPS

EPS₹

1.5

0.3

-4.3

9.4

11.7

14.5

19.4

19.9

19.8

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	166	151	151	168	169	171	172	173
Reserves ReservesCr	353	259	196	477	700	970	1,236	1,501
Current Liabilities Current LiabilitiesCr	103	82	124	102	233	115	171	272
Non Current Liabilities Non Current LiabilitiesCr	399	377	453	280	149	163	172	828
Total Liabilities Total LiabilitiesCr	1,022	868	923	1,026	1,251	1,419	1,751	2,774
Current Assets Current AssetsCr	263	133	249	279	475	591	893	900
Non Current Assets Non Current AssetsCr	759	735	673	747	776	828	857	1,874
Total Assets Total AssetsCr	1,022	868	923	1,026	1,251	1,419	1,751	2,774

Financial Year

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

166

151

168

169

171

172

173

Reserves

ReservesCr

353

259

196

477

700

970

1,236

1,501

Current Liabilities

Current LiabilitiesCr

103

124

102

233

115

171

272

Non Current Liabilities

Non Current LiabilitiesCr

399

377

453

280

149

163

172

828

Total Liabilities

Total LiabilitiesCr

1,022

868

923

1,026

1,251

1,419

1,751

2,774

Current Assets

Current AssetsCr

263

133

249

279

475

591

893

900

Non Current Assets

Non Current AssetsCr

759

735

673

747

776

828

857

1,874

Total Assets

Total AssetsCr

1,022

868

923

1,026

1,251

1,419

1,751

2,774

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	166	151	151	168	169	171	172	173
Reserves ReservesCr	353	259	196	477	700	970	1,236	1,501
Current Liabilities Current LiabilitiesCr	103	82	124	102	233	115	171	272
Non Current Liabilities Non Current LiabilitiesCr	399	377	453	280	149	163	172	828
Total Liabilities Total LiabilitiesCr	1,022	868	923	1,026	1,251	1,419	1,751	2,774
Current Assets Current AssetsCr	263	133	249	279	475	591	893	900
Non Current Assets Non Current AssetsCr	759	735	673	747	776	828	857	1,874
Total Assets Total AssetsCr	1,022	868	923	1,026	1,251	1,419	1,751	2,774

Financial Year

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

166

151

168

169

171

172

173

Reserves

ReservesCr

353

259

196

477

700

970

1,236

1,501

Current Liabilities

Current LiabilitiesCr

103

124

102

233

115

171

272

Non Current Liabilities

Non Current LiabilitiesCr

399

377

453

280

149

163

172

828

Total Liabilities

Total LiabilitiesCr

1,022

868

923

1,026

1,251

1,419

1,751

2,774

Current Assets

Current AssetsCr

263

133

249

279

475

591

893

900

Non Current Assets

Non Current AssetsCr

759

735

673

747

776

828

857

1,874

Total Assets

Total AssetsCr

1,022

868

923

1,026

1,251

1,419

1,751

2,774

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	63	101	205	253	223	289	399	370
Investing Cash Flow Investing Cash FlowCr	-864	93	-104	-115	-204	-178	-330	-203
Financing Cash Flow Financing Cash FlowCr	775	-206	-89	-115	7	-127	-95	-134
Net Cash Flow Net Cash FlowCr	-26	-12	12	22	26	-15	-26	33
Free Cash Flow Free Cash FlowCr	62	97	199	232	200	262	358	329
CFO To PAT CFO To PAT%	705.9	2,242.7	-317.2	170.1	114.1	117.6	119.9	107.5
CFO To EBITDA CFO To EBITDA%	96.3	64.0	96.3	87.8	75.0	78.9	83.3	69.8

Financial Year

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

101

205

253

223

289

399

370

Investing Cash Flow

Investing Cash FlowCr

-864

-104

-115

-204

-178

-330

-203

Financing Cash Flow

Financing Cash FlowCr

775

-206

-89

-115

-127

-95

-134

Net Cash Flow

Net Cash FlowCr

-26

-12

-15

-26

Free Cash Flow

Free Cash FlowCr

199

232

200

262

358

329

CFO To PAT

CFO To PAT%

705.9

2,242.7

-317.2

170.1

114.1

117.6

119.9

107.5

CFO To EBITDA

CFO To EBITDA%

96.3

64.0

96.3

87.8

75.0

78.9

83.3

69.8

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	63	101	205	253	223	289	399	370
Investing Cash Flow Investing Cash FlowCr	-864	93	-104	-115	-204	-178	-330	-203
Financing Cash Flow Financing Cash FlowCr	775	-206	-89	-115	7	-127	-95	-134
Net Cash Flow Net Cash FlowCr	-26	-12	12	22	26	-15	-26	33
Free Cash Flow Free Cash FlowCr	62	97	199	232	200	262	358	329
CFO To PAT CFO To PAT%	705.9	2,242.7	-317.2	170.1	114.1	117.6	119.9	107.5
CFO To EBITDA CFO To EBITDA%	96.3	64.0	96.3	87.8	75.0	78.9	83.3	69.8

Financial Year

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

101

205

253

223

289

399

370

Investing Cash Flow

Investing Cash FlowCr

-864

-104

-115

-204

-178

-330

-203

Financing Cash Flow

Financing Cash FlowCr

775

-206

-89

-115

-127

-95

-134

Net Cash Flow

Net Cash FlowCr

-26

-12

-15

-26

Free Cash Flow

Free Cash FlowCr

199

232

200

262

358

329

CFO To PAT

CFO To PAT%

705.9

2,242.7

-317.2

170.1

114.1

117.6

119.9

107.5

CFO To EBITDA

CFO To EBITDA%

96.3

64.0

96.3

87.8

75.0

78.9

83.3

69.8

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					4,737	10,470	17,723	15,108	15,084
Price To Earnings Price To Earnings					24.2	42.5	53.3	44.0	44.0
Price To Sales Price To Sales					6.6	12.5	16.3	11.6	10.9
Price To Book Price To Book					5.5	9.2	12.6	9.0	9.0
EV To EBITDA EV To EBITDA					16.1	28.0	36.7	28.2	28.2
Profitability Ratios Profitability Ratios
GPM GPM%	98.8	98.2	98.7	99.3	99.3	99.3	94.4	92.9	92.9
OPM OPM%	40.4	35.3	44.1	45.0	41.4	43.8	43.9	40.7	38.9
NPM NPM%	5.5	1.0	-13.4	23.2	27.2	29.4	30.5	26.4	24.7
ROCE ROCE%	3.6	9.1	16.4	31.9	26.1	28.2	31.1	27.3	27.3
ROE ROE%	1.7	1.1	-18.6	23.1	22.5	21.6	23.6	20.5	20.5
ROA ROA%	0.9	0.5	-7.0	14.5	15.6	17.3	19.0	12.4	12.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

4,737

10,470

17,723

15,108

15,084

Price To Earnings

24.2

42.5

53.3

44.0

Price To Sales

6.6

12.5

16.3

11.6

10.9

Price To Book

5.5

9.2

12.6

9.0

EV To EBITDA

16.1

28.0

36.7

28.2

Profitability Ratios

GPM

GPM%

98.8

98.2

98.7

99.3

94.4

92.9

OPM

OPM%

40.4

35.3

44.1

45.0

41.4

43.8

43.9

40.7

38.9

NPM

NPM%

5.5

1.0

-13.4

23.2

27.2

29.4

30.5

26.4

24.7

ROCE

ROCE%

3.6

9.1

16.4

31.9

26.1

28.2

31.1

27.3

ROE

ROE%

1.7

1.1

-18.6

23.1

22.5

21.6

23.6

20.5

ROA

ROA%

0.9

0.5

-7.0

14.5

15.6

17.3

19.0

12.4

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					4,737	10,470	17,723	15,108	15,084
Price To Earnings Price To Earnings					24.2	42.5	53.3	44.0	44.0
Price To Sales Price To Sales					6.6	12.5	16.3	11.6	10.9
Price To Book Price To Book					5.5	9.2	12.6	9.0	9.0
EV To EBITDA EV To EBITDA					16.1	28.0	36.7	28.2	28.2
Profitability Ratios Profitability Ratios
GPM GPM%	98.8	98.2	98.7	99.3	99.3	99.3	94.4	92.9	92.9
OPM OPM%	40.4	35.3	44.1	45.0	41.4	43.8	43.9	40.7	38.9
NPM NPM%	5.5	1.0	-13.4	23.2	27.2	29.4	30.5	26.4	24.7
ROCE ROCE%	3.6	9.1	16.4	31.9	26.1	28.2	31.1	27.3	27.3
ROE ROE%	1.7	1.1	-18.6	23.1	22.5	21.6	23.6	20.5	20.5
ROA ROA%	0.9	0.5	-7.0	14.5	15.6	17.3	19.0	12.4	12.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

4,737

10,470

17,723

15,108

15,084

Price To Earnings

24.2

42.5

53.3

44.0

Price To Sales

6.6

12.5

16.3

11.6

10.9

Price To Book

5.5

9.2

12.6

9.0

EV To EBITDA

16.1

28.0

36.7

28.2

Profitability Ratios

GPM

GPM%

98.8

98.2

98.7

99.3

94.4

92.9

OPM

OPM%

40.4

35.3

44.1

45.0

41.4

43.8

43.9

40.7

38.9

NPM

NPM%

5.5

1.0

-13.4

23.2

27.2

29.4

30.5

26.4

24.7

ROCE

ROCE%

3.6

9.1

16.4

31.9

26.1

28.2

31.1

27.3

ROE

ROE%

1.7

1.1

-18.6

23.1

22.5

21.6

23.6

20.5

ROA

ROA%

0.9

0.5

-7.0

14.5

15.6

17.3

19.0

12.4

Operational Ratios

Solvency Ratios

Liquidity Ratios

	CAMS	KFINTECH
Market CapitalizationMkt CapCr	17,085	15,084
Close PriceClose₹	687.50	872.55
IndustryIndustry	Capital Markets RTA	Capital Markets RTA
Price To EarningsPE	34.41	44.02
Price To SalesPS	10.97	10.90
RevenueRevenueCr	1,557	1,384
Revenue Growth TTMRev Gr TTM%	7.7%	22.8%
PAT Growth TTMPAT Gr TTM%	5.4%	0.0%

CAMS

KFINTECH

Market CapitalizationMkt CapCr

17,085

15,084

Close PriceClose₹

687.50

872.55

IndustryIndustry

Capital Markets RTA

Price To EarningsPE

34.41

44.02

Price To SalesPS

10.97

10.90

RevenueRevenueCr

1,557

1,384

Revenue Growth TTMRev Gr TTM%

7.7%

22.8%

PAT Growth TTMPAT Gr TTM%

5.4%

0.0%

	CAMS	KFINTECH
Market CapitalizationMkt CapCr	17,085	15,084
Close PriceClose₹	687.50	872.55
IndustryIndustry	Capital Markets RTA	Capital Markets RTA
Price To EarningsPE	34.41	44.02
Price To SalesPS	10.97	10.90
RevenueRevenueCr	1,557	1,384
Revenue Growth TTMRev Gr TTM%	7.7%	22.8%
PAT Growth TTMPAT Gr TTM%	5.4%	0.0%

CAMS

KFINTECH

Market CapitalizationMkt CapCr

17,085

15,084

Close PriceClose₹

687.50

872.55

IndustryIndustry

Capital Markets RTA

Price To EarningsPE

34.41

44.02

Price To SalesPS

10.97

10.90

RevenueRevenueCr

1,557

1,384

Revenue Growth TTMRev Gr TTM%

7.7%

22.8%

PAT Growth TTMPAT Gr TTM%

5.4%

0.0%

KFin Technologies Ltd

KFin Technologies Ltd

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